Saturday, July 2, 2011

You don’t have to be a conservative or a liberal, or anything at all, to understand that America is about to be flattened by a tidal wave of debt.

That’s right, folks. If Obama’s latest proposed budget passes, he takes that debt up to 90.4 percent of GDP. At that level, debt held by the public will be nearly as high as the highest it’s ever been in U.S. history.

It doesn’t matter whether you prefer the CBO’s figures or Obama’s. We’re merely talking about different shades of disaster. When you’re dead you’re dead. There aren’t some people who are “more dead” than others.

That means that, by 2020, half of all income tax revenues will go toward paying interest on a $23 trillion national debt. Very shortly, it will take all of our income taxes to pay the interest. (read more)